It's not insured under the FSCS, but they are governed by the FCA with the money is held by either Wells Fargo or Barclay's, so even if Transferwise collapses, as long as those institutions don't also go belly-up, your money will be fine.

Are the funds at Barclays in my name or Transferwise? If they are in the name of Transferwise does that give me any protection in the event of Transferwise failing?

If they are in the name of Transferwise, I still have a financial interest in the Barclays account so presumably should still report on FBAR and 8938, but I have no information whatsoever about the account.

It is frustrating that Transferwise do not appear to address any of these issue.

If the funds are held by Barclays, does this mean the highest yearly balance for the UK Transferwise account should be declared on an FBAR and 8938?

I would think so, but given the advantages this account gives those that have need of it then adding an extra account onto your list of accounts for FBAR or FATCA reporting is a small inconvenience I would think.

I would think so, but given the advantages this account gives those that have need of it then adding an extra account onto your list of accounts for FBAR or FATCA reporting is a small inconvenience I would think.

I agree the advantages may be worth the price, especially for those of us with no US bank account, US credit card, or anyone in the States to write a check for us.

I have no idea whether it's reportable or not. Transferwise could be treated as a pass thru entity. If it is reportable, there may be a few folks unaware that they now have an FBAR or 8938 responsibility, especially on the BE site since it is being 'talked up' a lot there. For them, transferring any amount over $50,000 ($100,000) would count for 8938.

I agree the advantages may be worth the price, especially for those of us with no US bank account, US credit card, or anyone in the States to write a check for us.

I have no idea whether it's reportable or not. Transferwise could be treated as a pass thru entity. If it is reportable, there may be a few folks unaware that they now have an FBAR or 8938 responsibility, especially on the BE site since it is being 'talked up' a lot there. For them, transferring any amount over $50,000 ($100,000) would count for 8938.

The fact that the borderless account has a debit card option surely means the account holder has signature authority and it is not a pass through account, and holds a balance controled by the owner. I personally wouldn’t risk not reporting it in my FBAR or FATCA forms.

I've now had the opportunity to look further on the link durhamlad gave.

I've hesitated on this because I remember when TransferWise was first launched as a normal money exchange company. At that time, much was made of the fact they were US based. The page of their story did confirm this, but that is missing now.